Mountain Of Suits Expected After Huge Satyam Fraud

Law360, New York (January 7, 2009, 12:00 AM EST) -- Following an astounding admission of massive accounting fraud by the head of Satyam Computer Services Ltd. on Wednesday, attorneys in the U.S. are bracing for a mountain of new securities class actions expected to pile up soon against the Indian outsourcing firm and its business partners.

In a letter sent to Satyam's board announcing his resignation, B. Ramalinga Raju, the company's chairman and founder, candidly revealed that the $1 billion (53.6 billion rupees) Satyam had previously listed as assets for the quarter that ended in September...
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